Stock market today: Indian benchmark indices opened marginally higher on Wednesday, supported by gains in auto stocks as companies began reporting their June sales figures. However, gains remained limited amid lingering uncertainty over stalled US-Iran diplomatic talks.
The Nifty 50 rose 0.22% to 23,919, while the BSE Sensex advanced 0.26% to 76,691.47 as of 9:19 a.m. IST.
Investor sentiment remained cautious after Iran said on Tuesday that it would not hold talks with senior US envoys who had travelled to the region, dimming hopes of a lasting resolution to the recent conflict.
Meanwhile, Brent crude continued to trade near $73 per barrel, while broader Asian markets slipped 0.3%, reflecting subdued risk appetite.
Market Outlook by Jay Thakkar, Vice President & Head of Derivatives and Quant Research, ICICI Securities
Nifty 50
Nifty 50 has closed in the negative territory on the monthly settlement day and with that it continues to trade within a range of 24,200-23,800 levels and the broader range is 23,600-24,200 levels if in case Nifty 50 weakens further to fill the gap.
The options data indicates that for the July series the highest call base is at 24,000 levels and since Nifty 50 has closed below that there can be further round of weakness until Nifty closes well above those levels. The July futures has just closed above 24,000 levels, which indicates that 24,000 is an immediate support on the futures and a drop below that levels may further take it to 23,800 to 23,600 levels.
On the upside, 24,200 is the final hurdle on a closing basis and a close above the same will take the Index towards 24,500 levels. The India VIX continues to trade at the lower levels, however, since the Q1 result season is now very close, hence a dip below 12 levels is also not expected, hence the VIX range could be 12-16 for the month of July. The strategy on Nifty should be bought on dips near 23,600 or above 24,200 levels in order to have a better risk-to-reward ratio.
Bank Nifty
Bank Nifty also closed below the 58,000 levels, which was a critical level for the June series, as for the entire second half of this series, it was not able to take off 58,000 levels, and when it did, then it could not sustain above the same and finally closed the monthly expiry below it.
The July futures, however, closed marginally above the 58,000 level; hence, if it sustains above that level, there is a high possibility of a recovery. Otherwise, there could be further weakness until the 57,000 level, which was the previous base. On the upside, there is a resistance near 58,500, which, when taken off, will confirm the fresh breakout for the targets of 60,000 levels, so until that happens, there can be some consolidation within this range of 58,500-57,000 levels.
Stocks To Buy in the near-term – Jay Thakkar
Jay Thakkar of ICICI Securities recommends Mazagon Dock Futures, Torrent Pharma Futures, and Mankind Pharma Futures.
Buy Mazagon Dock Fut in the range of 2,490-2,510 stop loss below 2,440 Targets 2,600-2,650
The stock has provided a breakout from the falling channel along with increase in open interest indicating short covering likely going ahead which can further drive the stock price upwards. The stock has highest call base at 2,500 levels on an immediate basis and if it manages to close above the same then the short-term target will be 2,600 levels and beyond that it can zoom to 2,650 as well. There was evidence of call unwinding in the last trading session which indicates that further up move is possible above 2,500 levels as the max pain is also 2,500 levels.
Buy Torrent Pharma Fut in the range of 4,650-4,685 stop loss below 4,570 Targets 4,800-4,900
Torrent Pharma has provided a breakout from an ascending triangular pattern with increase in open interest indicating long built up in the short term. There has been put additions in the July series on the put side form 4,400-46,00 strikes along with unwinding at 4,700 strike as well, this overall is a positive sign in the near term. There is a significant call base at 4,800 and 4,900 levels which may act as a resistance going ahead hence those are the target levels. The overall momentum in the Nifty Pharma index is quite strong, hence a continuation in the uptrend is expected.
Buy Mankind Pharma Fut in the range of 2,540-2,560 stop loss below 2,480 Targets 2,620-2,660
Mankind Pharma has provided a breakout from the falling trend line with an increase in open interest indicating long built up. The previous fall was on account of long unwinding and with this breakout the next round of up move is expected to take the stock to its recent previous highs of 2,600 and above. There has been significant put additions at the lower levels right from 2,500 to 2,300 strikes, however, on the upside there is a huge call base at 2,600 levels which when taken off it will lead to further up move in the stock. The max pain is at 2,500 levels and the stock has closed well above it, hence 2,500 is the immediate support.
Disclaimer: The Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 30/06/2026 or have no other financial interest and do not have any material conflict of interest.
The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
